A mortgage agent is a specialist who works for a lender and acts as an intermediary between the customer (borrower) and the lender. They are an independent organization, unlike estate agents who work on behalf of an individual or company. Although brokers have the same type of role as estate agents, they are not allowed to represent more than one lender and cannot be part of a firm that does not deal with mortgages. This means that brokers do not have access to a large database of mortgages.
As mentioned above mortgage brokers do not have access to a large database of mortgages but can search for information from one lender. They will often use this information when looking for individuals to lend their mortgages. They will then contact the individual, either by phone or through personal contacts to provide them with information about the type of mortgage they are interested in. If a mortgage lender approves the individual then the mortgage broker will place an application with the relevant lender to secure the loan.
Once the application has been approved the mortgage broker will inform the lender of the approval and take the necessary action to source the mortgage. The broker will then place an appointment with the customer and negotiate the mortgage rate and any additional fees that may be attached. When the mortgage is complete and agreed the broker will repay the lender. This service is known as ‘guaranteed mortgage’
There are different ways in which mortgage brokers can obtain Best Mortgage rates. One way is to source mortgage rates online. This allows for the mortgage rates to be supplied immediately from the mortgage lender’s website. The website will give the exact rates and conditions relating to the type of mortgage that has been agreed upon. Mortgage rates can be requested from a variety of mortgage providers and all the information can be located on the website.
Information regarding Guaranteed mortgage deals can also be obtained through independent brokers. These brokers gather information relating to different mortgage providers, their policies, and the deals that they offer. This information is then passed on to the customer who uses the broker. All the information is gathered in one place making it easier to find the mortgage that meets the needs of the customer.
A mortgage broker can also be used by individuals looking to buy second mortgages or home equity. Information regarding the second mortgage can be found in the same place as information concerning the mortgage that is being purchased. This can save the client time as the broker already knows what they are looking for and where to find it. Information about second mortgages can also be found online at the websites of the mortgage broker.